Business
TechPrecision Corporation Reports Third Quarter Fiscal 2021 Financial Results
Fiscal Q3 Gross Margin More than Doubles Compared to Prior Year Period Reflecting Favorable Project Mix WESTMINSTER, MA / ACCESSWIRE / February 11, 2021 /
About this update from Techprecision Corporation
[{"type":"text","content":"Fiscal Q3 Gross Margin More than Doubles Compared to Prior Year Period Reflecting Favorable Project Mix WESTMINSTER, MA / ACCESSWIRE / February 11, 2021 / TechPrecision Corporation (OTCQB:TPCS) (\"TechPrecision\" or \"the Company\"), an industry-leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense and precision industrial sectors, today reported financial results for the third quarter ended December 31, 2020. Third quarter sales were $3.6 million compared to $3.7 million last year. Gross profit was $705,000, an over 100% increase when compared to gross profit of $314,000 for the third quarter of fiscal 2020, reflecting more favorable project mix.\"Our results for the third quarter were highlighted by a more favorable project mix which drove improved gross margins when compared to the same period a year ago,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"We have also realized manufacturing improvements on the remaining components which negatively impacted our prior year results with learning-curve related costs.\"\"This outcome resulted in an overall improvement in reported financial results for the first nine months of fiscal 2021 when compared to the same period in the prior year,\" added Mr. Shen. \"We expect to carry these improvements in revenues and margins into the last quarter of fiscal 2021 and beyond.\"The Company's sales order backlog was $18.4 million on December 31, 2020, up from $16.8 million at March 31, 2020.Third Quarter of Fiscal 2021 Financial ResultsNet sales were $3.6 million or 3% lower when compared to $3.7 million in the same quarter a year ago.Gross profit was $705,000, an increase of more than100% compared to $314,000 in the same quarter last year.Gross margin was 19.8%, up from 8.6% in the third quarter of fiscal 2020 due to favorable project mix. Additionally, Q3 fiscal 2020 was negatively impacted by learning-curve related costs on a limited number of new projects.SG&A increased by $54,000 or 8% primarily due to an increase in advisory fees, including $85,000 for the proposed acquisition of Stadco.Operating loss was $11,000, compared to operating loss of $348,000 in the same period a year ago.Net loss was $48,000, compared to net loss of $320,000 for the same period a year ago.EBITDA, a non-GAAP fi...